A group of investors reportedly purchased $10 million worth of SHIB within 6 days. Accordingly, there has been an increase in breast coin whale activity. Data shared by WhaleStats. This group of 10 whales now owns 8.21 trillion SHIBs, worth about $100 million in total.
Despite the price drop, the whales did not stray away from the Shiba Inu and consistently bought meme coins. The whale community used SHIB drops as an opportunity to save. This way, the Shiba Inu always felt pressured to buy, even when it went down. Besides, SHIB rallied hard last week, jumping 40% after the leading meme coin Dogecoin doubled its price.
With Musk’s takeover of Twitter, the chance for Doge to potentially be included on the platform has resurfaced. As it is known, Musk is a big supporter of Dogecoin.
If Doge hits Twitter as a form of payment, SHIB could start experiencing price increases at the same time. While both cryptos are different, they share similar characteristics, so the whales may have gone on a hoarding spree. However, it is unknown whether Musk will eventually feature Doge on Twitter as a form of payment.
SHIB: Roadmap
The Shiba Inu team is working on a number of improvements that could benefit its ecosystem. Upcoming updates are:
- Shibarium layer-2 network
- SHIB: The Metaverse
- SHI stablecoin
- treat token
- ShibaSwap 2.0
Among all developments, Shibarium could change the fate of SHIB as the tier-2 solution aims to significantly lower gas fees. According to reports, Shibarium may also integrate a built-in “burn” mechanism that could remove SHIB tokens from circulation. Therefore, Shibarium is being touted as a development that can sustainably increase the price of the meme coin.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.